The term encompasses a group of Australia’s better known technology stocks: WiseTech Global Ltd., Appen Ltd., Altium Ltd., Afterpay Touch Group Ltd. and Xero Ltd. And they’ve been good bets so far: WAAAX shares have outperformed their China and U.S. peers as investors sought exposure to the global rally that has sent U.S. tech equities soaring since 2017.
“With all rallies, eventually reality has to kick in,” Athanasiou said by phone. “The fundamentals have to be proven.”WiseTech Global, a logistics software maker, has risen more than 110 percent in the past year, sending its market value to A$7 billion Afterpay Touch, a buy-now, pay-later service popular with millennials that’s expanding into the U.S. and Europe, has soared almost 200 percent, and its value stands at A$4.9 billion
cash flow as the firm aims to break even within its current cash balance. Afterpay Touch discusses in its corporate filings the number of consumers and retailers adopting its platform while trying to minimize the proportion of its revenue from late fees.The industry has also weathered some big-name letdowns. GetSwift Ltd.
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